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2023 (8) TMI 1187 - ITAT CHENNAICapital gains on sale of land - Nature of land sold - agricultural land or capital asset - No capital gain was offered on the ground that agricultural operations were carried out on the said land and the land is situated more than 8 kms. away from nearest Tambaram municipality - alternate claim of deduction u/s. 54B on the ground that sale consideration was invested in agricultural land in the name of her son - HELD THAT:- We are of the considered opinion that Ld. CIT(A) erred in not admitting additional evidences since the same would have material bearing on the computation of capital gains in the hands of the assessee. It could also be seen that the assessee has made alternative claim u/s 54B which has not been considered primarily in the absence of sufficient evidences. Considering the prayer made before us in the appeal as well as in the cross-objection, we restore the matter of assessment back to the file of Ld. AO to frame fresh assessment keeping all the issues open. Assessee’s appeal stand allowed for statistical purposes.
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